On a heavy earnings week with over 30% of the S&P 500 reporting, the markets end the week mixed on positive economic data and a decline in oil prices to an almost two-month low. The Dow and S&P are both down for the week while the NASDAQ ends the week up about 1.2%.
-Financials have the most impact on the Dow from both a positive and negative perspective. AIG helped the Dow the most this week, up almost 9% for the week, while American Express was the biggest drag on the Dow by impact, down more than 13% for the week
-Qualcomm had the biggest positive impact on the S&P 500 and the NASDAQ 100 up over 20% for the week
-Merck had the most negative impact on the S&P 500, down over 13% this week.
-Costco was the biggest drag on the NASDAQ 100 by impact, down almost 15% for the week.
The S&P 500 sectors were mixed this week with Energy once again the most negative sector, down almost 3% for the week while Industrials were the top performers, with the sector up 1.38% for the week.
-Industrials were boosted most by Goodrich up over 15% for the week
-Energy was dragged down by XTO Energy , off over 13% for the week
Oil fell to an almost two-month low closing at its lowest settle since June 4th as demand begins to fall and a forecast of higher OPEC output this month. Commodities were on fire the first half of the year as a hedge against inflation and a weak dollar, but those positions are beginning to unwind.
-Metals fall on weak economic and housing data, agricultural commodities continue to fall as fair weather continues.
The US Dollar strengthened against most major currencies this week helped by the decline in oil prices and strong durable goods numbers.